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When Do Taxpayers Need to Set Aside Taxes for a Legal Settlement?
Many taxpayers will never need to evaluate the tax impact of a legal settlement. But for those who are seriously injured in a car crash, win a medical malpractice lawsuit, or are part of a nationwide class action product liability claim, knowing how a settlement award will be treated at tax time is crucial. Failure...
Will Changes to the 'Weinstein Tax' Prevent Double Taxation of Sexual Harassment Settlements?
The Tax Cuts and Jobs Act of 2017 is noted for eliminating the personal exemption, tweaking child credits and deductions, lowering individual income tax brackets, and steeply cutting the corporate income tax rate. But one provision contained within this sweeping piece of legislation, dubbed the "Weinstein Tax,"...
Is a Capital Gains Tax Cut Coming?
Although Congress has been leery to propose a cut in the capital gains tax rate in its "Tax Cuts 2.0," the President recently floated a new way to index capital gains rates for inflation. This proposal isn't a tax cut, per se, but would have the effect of cutting capital gains taxes on certain...
Get Your Very First Tax Client in As Little As 48 Hours
One of the very first questions new tax professionals ask is, “How do I get my first client?” There are two basic methods to go about solving this problem. Put enough time and effort in promoting your services daily for an entire month, so that it comes out to 48 hours. Aim for the first client...
Suffered a Disaster-Related Loss in 2018? FEMA Designation Controls
For decades, U.S. taxpayers who have suffered casualty and theft losses after a wildfire, hurricane, earthquake, tornado, or another natural disaster have been able to deduct disaster-related costs from the next year's federal income tax return. Because natural disasters can slow insurance processing times and...
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